in the news potential 10 billion barrels e Bulletwood-1 well is the first well to be drilled in the Canje block and was spudded by the Stena Carron drillship which commenced drilling on December 31, 2020, in a water depth of 2846 m.
This well is said to be extremely prospective with an environment of disposition unique among offshore Guyana blocks in that it contains both continental slope and basin floor terrain.
In fact, Bulletwood-1 is an Upper Cretaceous, confined channel complex prospect that targets approximately 500 million barrels of oil resource – similar to the profitable Liza Field wells in the Stabroek Block which the US oil giant also operates.
The announcement of the Exxon’s spudding was made by investment company Westmount Energy on Tuesday and followed recent notices from the Maritime Administration Department (MARAD) to vessel operators of the activities offshore.
Westmount, itself holding shares in the Canje Block by owning an indirect interest of 7.2 per cent through Exxon’s partner JHI Associates, also included comments attributed to its Chairman, Gerard Walsh.
According to Walsh, the campaign will evaluate deeper reservoir targets, with the possibility of boosting Westmount’s share value.
“Bulletwood-1 is the first well in a multi-well, fully funded drilling campaign being operated by ExxonMobil on the Canje Block over the next six months or so. This campaign will evaluate high impact Upper Cretaceous prospects in the proven Liza play fairway with, in some cases, additional deeper reservoir targets,” Walsh said.
He added, “It also provides Westmount shareholders exposure to a portfolio of drilling outcomes over a compressed timeframe. Success from some of the wells in this portfolio could result in transformational value changes for Westmount.”
There has been talk of spudding Bulletwood since last year. Besides Bulletwood-1, it is known that there are two other initial prospects in the Canje Block – Jabillo and Sapote. Based on information put out by Westmount previously, the Canje Block could hold as much as 10 billion barrels of oil in total.